Convicted FTX fraudster and former CEO Sam Bankman-Fried has received the prison sentence that would have him serve 25 years behind bars for his crimes.
Judge Lewis Kaplan of the US District Court for the Southern District of New York brought down the sentencing earlier today, noting that this applies to the disgraced co-founder.
Bankman-Fried previously appealed for a shorter prison time and pleaded for lenience for his "charitable works" and help to others.
Sam Bankman-Fried Sentenced to 25 Years in Prison
Reports now share the recent events to Sam Bankman-Fried's case, with the court now handing him a 25-year sentence for defrauding FTX customers and investors, money laundering, and other charges against the disgraced CEO.
Initially, Bankman-Fried's team asked for around five to six and a half years of incarceration as he is a "good" person.
Judge Kaplan forfeited the $11 billion but did not order restitution because of the number of victims and the complexity of the case.
Moreover, the judge claimed that Bankman-Fried perjured himself amidst the trial regarding Alameda spending FTX customer's money, alongside witness tampering before he was taken into custody when he reached out to FTX's general counsel.
FTX Fraudster Conviction: No Remorse
The judge further said that the FTX fraudster had no remorse for his actions despite knowing that "it was wrong."
"The defendant's assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative," Kaplan was quoted as saying. "A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole."
Kaplan ordered Bankman-Fried to be sent to a medium-security prison.
Sam Bankman-Fried FTX Saga
The cryptocurrency industry was shocked when the largest crypto exchange platform, FTX, declared bankruptcy in late 2022, and Sam Bankman-Fried stepped down as its CEO. Despite the investigations behind the downfall of the company, SBF's colleagues and ex-girlfriend testifying against his actions during his tenure, and other accounts, Bankman-Fried continuously denied his guilt of what went wrong within FTX.
After a month-long trial, Bankman-Fried was found guilty of all the seven charges against him, centering on fraud, conspiracy to commit fraud, money laundering, and misappropriating customer funds.
Despite this, Bankman-Fried continued to assert his innocence. Notable moments during the trial showed that he could not answer questions about what happened at FTX.
It is known that SBF's legal team pleaded with the court to give him leniency and reduce his sentence from 63 to 78 months while they were looking to plead his innocence.
After FTX CEO John Ray III's earlier letter to Judge Kaplan, the court now gives Bankman-Fried an extensive prison sentence of 25 years, finding him without remorse for his actions and still not admitting his crimes.
